MarketsandMarkets expects the global Mobile Money market size to grow from USD 3.4 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period. Mobile payments is an easy way to carry out transactions and people across the globe are adopting mobile money to reduce their dependence on cash while traveling. A rise in the number of payment transactions, banking values, and mobile penetration rate across the world are factors driving the mobile money market.
Download Our Premium PDF Brochure Now@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=577
By transaction mode, mobile apps segment to grow at the highest rate during the forecast period
By transaction mode, the mobile apps segment is expected to grow at the highest CAGR during the forecast period. Several applications offer payment services, such as Apple Pay, Google Pay, and PayPal. Some of these applications provide mobile wallet services too. Mobile applications considered under this segment include digital/mobile wallets and Unified Payment Interface (UPI) payment apps. With the proliferation of strong internet coverage in developed and some developing countries, the adoption of mobile money application has increased significantly. Mobile-based payment app interfaces are designed to facilitate easy payment using mobile phones. It is a software intended mainly for smartphones and tablet computers. All the functions of mobile money, such as sending, receiving, and withdrawing money along with other such options can easily be accessed through these apps.
By type of payment, the proximity payments segment to grow at highest CAGR during the forecast period
By type of payment, the proximity payments segment to grow a higher CAGR during the forecast period. These payments are carried out using mobile phones and Point of Sales (POS) device. Currently, several companies offer applications that enable proximity payments. It is referred to as in-store payments in case of retail store or in-location payments with regards to payment through a merchant’s POS terminal. Proximity payments are specifically enabled for short distances and work when both the payer and payee are present in the same location. The proximity payment type is strikingly different from remote payment as it involves the presence of payment card details from one’s own bank account and does not require any tie-up with a payment processor to facilitate transactions. Increasing adoption of mobile payment technologies by brick and mortar-based businesses further drives the demand for proximity payments.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=577
Unique Features in the Mobile Money Market
By enabling access to financial services via mobile phones instead of traditional banking infrastructure, mobile money services provide financial inclusion for underbanked and unbanked communities.
From their mobile phones, users can carry out a variety of financial operations, including transfers, payments, and saves. This convenience is especially helpful in isolated or rural locations with limited bank access.
Due to the interoperability of several mobile money platforms, users can send and receive money between various financial institutions and cell networks. This makes mobile money services more accessible and user-friendly.
Real-time transactions, such as instant money transfers and payments, are made possible by mobile money services. For financial transactions, both personal and business, this instantaneity is essential.
To safeguard customers’ financial information and stop fraud, mobile money platforms use cutting-edge security technologies including encryption, multi-factor authentication, and biometric verification.
Major Highlights of the Mobile Money Market
Globally, the market for mobile money is growing at a rapid pace because to factors like the rising use of smartphones, more internet access, and the growing need for easily available financial services.
Financial inclusion has been greatly aided by mobile money, particularly in emerging nations with sparse traditional banking infrastructure. It gives millions of people who lack or have limited access to banking services access to crucial financial services.
Due to their accessibility and ease of use, mobile money services have been widely adopted by a variety of demographics, including those living in rural and metropolitan areas. Significant adoption has been observed, particularly in Asian and African nations.
The mobile money industry has witnessed constant innovation, with platforms providing a wide array of services beyond basic money transfers. These include of investing options, savings accounts, insurance policies, bill payments, and microloans.
E-commerce systems are becoming more and more linked with mobile money, making online purchases smooth. This integration improves the purchasing experience for customers while fostering the expansion of digital marketplaces.
Click to get personalized insights before making your purchase@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=577
Top Companies in the Mobile Money Market
Key and emerging market players include Vodafone (UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China), Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union Holdings (US), Comviva (India), and T- Mobile (US).
Vodafone (UK) caters to a wide customer base in the regions of the Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific (APAC). Vodafone’s M-Pesa mobile money transfer and payment service is one of the leading mobile money products in the world. The company has 37 million M-Pesa customers, and during 2019 the M-Pesa revenue grew by 21% to EUR 750 million, representing 12% of the emerging consumer service revenue in the year. M-Pesa is Africa’s largest payment platform that provides enterprise payments, financial services, and merchant payment services for mobile commerce. It further offers people a safe, secure, and affordable way to send and receive money, top-up airtime, make bill payments, receive salaries, get a loan, and much more.
Google (US) is one of the major players that focuses on the emerging concept of mobile money. Google Pay, formerly known as Google Wallet, is a digital wallet platform and online payment system, which enables users to make payments and transfer money straight from their phones. In January 2018, the company brought together different payment platforms run by Google, including Android Pay and Google Wallet, merging it into a single platform, Google Pay. Google Pay protects an individual’s money with a world class security system that helps the user detect fraud and prevents hacking. It further helps safeguard the individual’s account with screen locking technologies, such as a fingerprint. Currently, in India, Google Pay works with all banks that support BHIM Unified Payments Interface (UPI), India’s real-time payments ecosystem. Google Pay helps small business owners or managers at a corporation to accept payments and connect with customers. Customers on more than 80 BHIM UPI apps can use Quick Response (QR) codes or their phone numbers, to send money from their bank account to other bank accounts without the need of a Point of Sales (POS) system. Since the launch of Google Pay in India (formerly known as Tez), transactions on UPI have increased 43 times, reaching 734 million transactions in May 2019. The company has a presence in North America, Europe, APAC, and Middle East and Africa (MEA). Google caters to a large customer base spread across the globe, through a global network of service providers, distributors, and cloud resellers.
Media ContactCompany Name: MarketsandMarkets™ Research Private Ltd.Contact Person: Mr. Aashish MehraEmail: Send EmailPhone: 18886006441Address:630 Dundee Road Suite 430City: NorthbrookState: IL 60062Country: United StatesWebsite: https://www.marketsandmarkets.com/Market-Reports/mobile-remittance-money-mcommerce-market-577.html
